Energy Market Recap - 1/11/2017

February Crude Oil closed up 1.56 at 52.38. This was 1.63 up from the low and 0.40 off the high.

February Heating Oil closed up 4.62 at 165.76. This was 5.12 up from the low and 1.47 off the high.

February RBOB Gasoline finished up 5.42 at 160.09, 1.51 off the high and 5.15 up from the low.

February Natural Gas finished up 0.02 at 3.30, 0.05 off the high and 0.09 up from the low.

US crude oil prices forged a significant bottom and reversal move in advance of the weekly EIA statistics on the US energy situation. Apparently the trade discounted increases in crude oil stocks heating oil stocks distillate stocks in gasoline stocks in favor of optimism off active refinery operations. The groundwork for today's bounce was probably laid by overnight news that Saudi Arabia was making cuts to February oil exporters to buyers in Southeast Asia. It is also likely that a significant reversal and weakening in the US dollar provided US crude oil with some fresh speculative buying. Crude stocks at 483.1 million barrels is the highest ever for this week. EIA crude stocks rose 4.097 million barrels and are 31.919 million barrels above year ago levels. Also, crude stocks stand 130.657 million barrels above the five year average. Crude oil imports for the week stood at 9.052 million barrels per day compared to 7.183 million barrels the previous week. The refinery operating rate was 93.60% up, 1.60% from last week compared to 91.20% last year and the five year average of 88.76%. Gasoline stocks at 40.473 million barrels is the highest for this week since 2015. EIA gasoline stocks rose 5.023 million barrels and are 39 thousand barrels above last year and 5.188 million above the five year average. Average total gasoline demand for the past four weeks was up 0.68% compared to last year. Gasoline imports came in at 683,000 barrels per day compared to 722,000 barrels the previous week. EIA distillate stocks rose 8.356 million barrels and stand at 4.487 million barrels above last year and 28.084 million above the five year average. Distillate imports came in at 103,000 barrels per day compared to 99,000 barrels the previous week. Average total distillate demand for the past four weeks was up 7.53% compared to last year. Heating oil stocks at 13.312 million barrels is the lowest for this week since 2015 EIA heating oil stocks fell 923,000 barrels and are 2.551 million barrels below last year and 7.869 million below the five year average.

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